Tiong Seng

Tiong Seng: FY13 net profit fell 64% to $9.3m, although topline climbed 28% to $654.9m, attributable mainly to increase in work done for new and on-going projects, such as Waterway Terraces I & II, The Glyndebourne, and The Archipelago, as well as sale recognition of 241 units and 293 units of phase II and IV from Sunny International Project. Bottomline was weighed by increased finance cost of $1.3m and $9.2m loss from newly commenced joint venture projects, mitigated by a $11.1m gain on disposal of investment properties by subsidiaries, and gain on sales of carpark lots in Sunny International project Order book stood at $1.1b and is expected to be fulfilled within the next 12-30 months. Group declared first and final DPS of 0.6¢ (FY12: 1¢). Trades at trailing P/E of 16.4x.